Wells Fargo facing pressure from investor to clawback executive pay

A Wells Fargo investor is pressuring the bank to punish executives who oversaw a massive fake account fraud.

CtW Investment Group -- which works with union pension funds that own a 0.25% stake in Wells Fargo -- sent a letter to the company's lead director Friday, demanding the bank's board invoke a clawback policy.

Specifically, CtW wants Wells Fargo to reclaim money it gave to Carrie Tolstedt -- the executive who oversaw the Wells Fargo unit during the time it carried out a massive fraud. Tolstedt resigned earlier this year with a $124 million severance payment, plus equity.

The scandal, which became public earlier this month, involved inflating sales data by creating more than 2 million unauthorized accounts for unsuspecting customers.

The bank was slapped with $185 million in fines, and ordered to refund $5 million to customers.

It's prompted Wells Fargo to fire more than 5,300 employees -- but none from senior management.